Milk Thistle Market to hit USD 170.1 million by 2030, says Global Market Insights Inc.

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Aug 25, 2022, 04:15 ET

Some of the major market players operating in the milk thistle industry are Nature's Bounty Co., Jarrow Formula, Inc., 21st Century Healthcare Inc., Puritan's Pride, Swanson Health Products, Sundown Naturals, Blackmores Limited, NOW Foods, Solgar, Inc., Swisse, Bio-Botanica Inc., GNC and Amway Corp.

SELBYVILLE, Del., Aug. 25, 2022 /PRNewswire/ -- The milk thistle market value is likely to cross USD 170.1 million by 2030, according to a new research report by Global Market Insights Inc.

A surge in the population of specific age groups is emerging as a prominent factor driving market growth, claims the report. Estimates from the UN's World Population Prospects 2019 study show that the number of people between 40-59 years of age was recorded at 17,83,309 in 2019. This population is likely to grow to nearly 20,46, 991 by 2050, which could bolster the demand for anti-aging products, creating a favorable growth environment for the milk thistle industry.

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Extended shelf life of liquid extract milk thistle will be crucial for market proliferation

Concerning the form, the milk thistle market is bifurcated into powder & granule, capsule, and liquid extract. The liquid extract segment was valued at over USD 33,000 thousand in 2021. This was attributed mainly to favorable product characteristics such as extended shelf life, increasing flavor, and the ability to withstand oxidation. The powder & granule segment is also projected to exhibit a decent CAGR during the forecast period. This growth is attributed primarily to the higher absorbability of powdered form as compared to other forms which may prove beneficial for segmental growth.

Surging presence of pharmacy stores to foster product adoption

The milk thistle industry is fragmented into supermarkets/hypermarkets, convenience stores, pharmacy, and online. The pharmacy segment held over 18% of the milk thistle market share in 2021. This can be credited to the rising footprint of pharmacy stores across several prominent countries worldwide, the report suggests. According to ABDA, Germany has close to 20,000 pharmacies for a population of over 80 million, indicating a pharmacy density of 25 stores per 100,000 inhabitants.

Browse key industry insights spread across 350 pages with 302 market data tables & 23 figures & charts from the report, "Milk Thistle Market Demand By Form (Capsule, Powder & Granule, Liquid Extract), By Distribution Channel (Hypermarket/Supermarket, Convenience Stores, Pharmacy, Online) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2022 – 2030" in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/milk-thistle-market

Extensive application range will augment industry growth in Latin America

Geographically, the industry is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Latin America milk thistle market is projected to exhibit a CAGR of over 6% through 2030. As pr the report, this is a result of the increasing usage of milk thistle plants in tea, food supplements, and infusions. The region is also riddled with consistent prevalence of liver diseases, especially in countries such as Brazil and Mexico.

Mergers and acquisitions from prominent players in the milk thistle industry

Nature's Bounty Co., Sundown Naturals, Jarrow Formula, Inc., 21st Century Healthcare Inc., Puritan's Pride, Swanson Health Products, Bio-Botanica Inc., Blackmores Limited, NOW Foods, Solgar, Inc., Swisse, GNC, Amway Corp are some prominent players operating in the milk thistle market. Many key players are focusing on strategic mergers and acquisitions to expand business operations and reinforce their market position.

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About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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Arun Hegde
Corporate Sales, USA
Global Market Insights Inc.
Phone: 1-302-846-7766
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SOURCE Global Market Insights Inc.